Slovak inflation eased to 8.9% y/y in August

Slovak inflation eased to 8.9% y/y in August
/ bne IntelliNews
By Albin Sybera September 18, 2023

Consumer price indices (inflation) increased by 8.9% year-on-year and stayed unchanged month-on-month, Slovakia’s statistical office reported. The y-o-y growth of inflation is the lowest since February 2022.

The inflation curve has been decreasing for the sixth consecutive time. In July, the y-o-y growth was 9.7%, which was the first time this year that the inflation was in single digits.

“This year, for the first time m-o-m, the prices of all good items became lower, especially seasonal vegetables and fruits, but this decrease was balanced by a significant increase in the price of fuel in August,” statisticians highlighted.

Food prices dropped by an average of 1.1% m-o-m, with vegetables down by 4.6%, fruit by 2.8%, milk, cheese and eggs by 0.8%, and bread and cereals by 0.9%. Lower prices in the housing and energy sector also significantly impacted the m-o-m inflation, with imputed rent down by 0.5% and solid fuels by 1.7%. On the other hand, the price of fuel rose by 7.3%.

An analyst from the XTB consulting, Marek Nemky, told the Slovak public broadcaster RTVS that m-o-m developments have stabilised. “We can observe stable prices in the supermarkets for the past five months,” he was quoted as saying.